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Carpenter Technology Reports Third Quarter Results

“These actions, combined with our investments in Titanium wire and powder metal capacity, will effectively double Carpenter’s capacity to produce premium products. With these actions, we are responding to our customers’ needs to support their growth, while laying the groundwork for sustained shareholder value creation.”

Third Quarter Results

Financial highlights for the third quarter of fiscal year 2012 include:
                 
(in millions, except per share amounts & pounds sold)  

3Q FY 2012
 

3Q FY 2011
 

YTD FY 2012
 

YTD FY 2011
Net Sales   $ 539.9   $ 464.2   $ 1,385.1   $ 1,191.5
Net Sales Excluding Surcharge (a)   $ 419.0   $ 338.0   $ 1,062.9   $ 878.8
Operating Income Excluding Pension Earnings, Interest and Deferrals (a)   $ 59.5   $ 44.0   $ 154.7   $ 87.8
Acquisition Related Costs   $ 7.9     -   $ 11.7   $ 0.7
Net Income Attributable to Carpenter   $ 33.0   $ 28.6   $ 80.3   $ 45.5
Diluted Earnings per Share   $ 0.69   $ 0.64   $ 1.75   $ 1.02
Net Pension Expense per Diluted Share (a)     ($0.14)     ($0.21)     ($0.41)     ($0.64)
Free Cash Flow (a)   $ 9.6     ($14.0)     ($95.9)     ($150.4)
Pounds Sold (000)     63,436     57,862     159,504     158,784

(a) non-GAAP financial measure that is explained in the attached tables

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